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RMB: Long lead to high level consolidation

Fundamental analysis:

The USD/RMB exchange rate remained volatile at 7.07670. From January to August 2022, China's foreign non-financial direct investment was 492.76 billion yuan, up 7.2% year on year (equivalent to US $75.11 billion, up 5.8% year on year). From January to August, the turnover of foreign contracted projects was RMB 611.37 billion, up 2.3% year on year (equivalent to USD 93.19 billion, up 1% year on year); The newly signed contract amount was RMB 846.17 billion, a year-on-year decrease of 5.9% (equivalent to USD 128.98 billion, a year-on-year decrease of 7.2%).

USD/RMB USDCNH - 4-hour K line chart shows:

Technical analysis:

The 4-hour chart shows that the momentum of bulls has maintained a good momentum of shock and upward trend, the short-term high level has maintained shock, the market is bullish, the MACD index is in the long position and the regional high level is collated, and the RSI index is in the long position to maintain shock;

Empty turning point: 7.07048

Pressing position: 7.09106, 7.10479

Support position: 7.05603, 7.04411

Trading strategy: 7.07048 upside bullish, target 7.09106, 7.10479

Alternative strategy: bearish under 7.07048, target 7.05603, 7.04411

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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